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The Impact of Central Bank Digital Currencies on the International Financial System
Blashchuk-Deviatkina N. Z., Foltovych D. R.

Blashchuk-Deviatkina, Nataliia Z., and Foltovych, Diana R. (2024) “The Impact of Central Bank Digital Currencies on the International Financial System.” Business Inform 8:347–356.
https://doi.org/10.32983/2222-4459-2024-8-347-356

Section: Finance, Money Circulation and Credit

UDC 336.7

Abstract:
The aim of the article is to study the impact of digital currencies of central banks on the international financial system in modern conditions. The article defines that the central bank digital currency (CBDC) is an electronic form of the national currency, which is created and controlled by the central bank and is implemented in various formats, including retail and wholesale options, as well as on the basis of accounts or tokens, using digital ledgers, with the possible application of technologies such as blockchain. CBDC is a central bank commitment and can be used to make payments, store value, and other financial transactions, while enabling fast, secure, and cost-effective transactions for consumers and businesses. The main directions of influence of digital currencies of central banks on the international financial system are considered and defined. A study of the advantages and disadvantages of the CBDC issue has been carried out. It is emphasized that digital currencies have a significant number of advantages and a significant impact on global financial markets due to their unique properties, despite a number of risks they entail. Based on this, the most popular private digital currencies in 2024 and their direct impact on the international financial system are determined. Their market capitalization is also determined. Based on this, it is emphasized that private digital currencies play a significant role in the development of the global financial system, stimulating innovation and increasing the efficiency and accessibility of financial services. Exactly these currencies have become the main driving force for the creation of central bank digital currencies. The authors consider digital currencies of central banks of different countries, characterizing the most popular ones in 2024. Thus, the market share of these currencies is determined, which shows how the major economies of the world are actively developing their digital currencies to maintain economic stability and strengthen their position in the global financial system. It is emphasized that Ukraine also continues to work on the launch of its central bank digital currency – the e-hryvnia. A number of challenges and prospects posed by the introduction of central bank digital currencies for the international financial system are identified.

Keywords: digital currencies, central banks, financial system, cryptocurrencies, innovation, inclusion, risk, commercial bank.

Fig.: 5. Tabl.: 3. Bibl.: 14.

Blashchuk-Deviatkina Nataliia Z. – Candidate of Sciences (Economics), Associate Professor, Department of Financial Management, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]
Foltovych Diana R. – Master, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]

List of references in article

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Hrytsai, S. O. “Tsyfrova valiuta tsentralnykh bankiv: nestandartnyi metodolohichnyi pidkhid u pravovomu poli Ukrainy“ [The DigitalCurrency of Central Banks: a Non-Standard Methodological Approach in the Legal Field of Ukraine]. Filosofski ta metodolohichni problemy prava, no. 1 (2022): 25-34. DOI: https://doi.org/10.33270/01222302.25
Korol, M. M., and Spivak, V. O. “Analiz svitovoho dosvidu vprovadzhennia tsentralnymy bankamy tsyfrovykh valiut“ [Analysis of World Experience in the Introduction of Central Bank Digital Currencies]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia «Mizhnarodni ekonomichni vidnosyny ta svitove hospodarstvo», no. 39 (2021): 95-103. DOI: https://doi.org/10.32782/2413-9971/2021-39-17
Hrytsai, S. O. “Perspektyvy ta tendentsii poiavy CBDC v Ukraini: proekt «e-hryvnia»“ [Prospects and Trends of CBDC in Ukraine: The "e-Hryvnia" Project]. Yurydychnyi naukovyi elektronnyi zhurnal, no. 1 (2024): 354-359. DOI: https://doi.org/10.32782/2524-0374/2024-1/80
“Virtualna valiuta Tsentralnoho banku (CBDC)“ [Central Bank Digital Currency (CBDC)]. TseKrypto. March 18, 2023. https://tsecrypto.com/article/virtualna-valyuta-czentralnogo-banku-cbdc/
Shapoval, Yu. “Tsyfrovi valiuty tsentralnykh bankiv: dosvid pilotnykh proiektiv ta vysnovky dlia NBU“ [Central Bank Digital Currencies: Experience of Pilot Projects and Conclusions for the NBU]. Ekonomika i prohnozuvannia, no. 4 (2020): 103-121. DOI: https://doi.org/10.15407/eip2020.04.103

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